ProShares Short Real Estate

REK provides inverse exposure to a market-cap-weighted index of large US real estate companies, including REITs.

REK provides inverse exposure to a market cap-weighted index of large US real estate companies, including REITs.

American Healthcare REIT Inc

JPMorgan BetaBuilders MSCI US REIT ETF

CBL & Associates Properties

Direxion Daily Real Estate Bull 3x Shares

Direxion Daily Real Estate Bear 3x Shares

EastGroup Properties

Fidelity MSCI Real Estate ETF

First Trust S&P REIT Index Fund

Hudson Pacific Properties

iShares Cohen & Steers REIT ETF

iShares U.S. Real Estate ETF

Nuveen Real Estate Income Fund

Invesco KBW Premium Yield Equity REIT ETF

Neuberger Berman Real Estate Securities Income Fund Inc

OUTFRONT Media

Park Hotels & Resorts

US Diversified Real Estate ETF

Invesco Active US Real Estate

ALPS Active REIT ETF

Rexford Industrial Realty

Cohen And Steers Total Return Realty Fund

Cohen & Steers Reit And Preferred Income Fund Inc

Cohen & Steers Quality Income Realty Fund

SPDR Dow Jones REIT ETF

U.S. equity markets posted their worst week in two months as benchmark interest rates jumped to four-month highs after a critical slate of inflation data showed modestly firming price pressures. Fueling bets that the Federal Reserve may have to slow the pace of policy easing, the Consumer Price Index and Producer Price Index each posted fractional upside surprises in October. After surging nearly 5% last week en route to fresh record highs, the S&P 500 dipped 2.1% on the week, with healthcare and technology stocks under particularly sharp pressure.

Firming Inflation Fizzles Optimism

Invesco Senior Loan ETF

iShares Floating Rate Bond ETF

JPMorgan Ultra-Short Income ETF

Invesco Global Short Term High Yield Bond ETF

ProShares UltraShort 7-10 Year Treasury

Global X Interest Rate Hedge ETF

ProShares UltraShort Utilities

ProShares UltraShort Real Estate

ProShares UltraShort 20+ Year Treasury

iShares Treasury Floating Rate Bond ETF

Direxion Daily 20+ Year Treasury Bear 3X Shares

Long-term U.S. treasury yields have been on the uptrend lately. Benchmark U.S. Treasury yields were 4.26% on Nov. 5, up from 3.74% recorded on Oct.1.

Will U.S. Treasury Yields Surge Postelection? ETFs in Focus

American Homes 4 Rent

American Tower

Curbline Properties Corp.

Generation Income Properties

Global Net Lease

Invitation Homes

JBG SMITH Properties

Medical Properties Trust

Office Properties Income Trust

Paramount Group

Five US real estate investment trusts have suspended dividends so far this year, while six other REITs have lowered regular dividend payouts. The activity contrasts with the more than one-third of the US REIT industry that have raised dividends during the first three quarters of 2024. Shopping center landlord SITE Centers Corp. was the most recent addition to the list of REITs that suspended dividends this year.

5 U.S. REITs Suspend Dividends Amid 2024 Cuts

Agree Realty

Getty Realty

Independence Realty Trust

NETSTREIT Corp

RLJ Lodging Trust

Average REIT short interest fell 8 basis points in September to 3.7% of shares outstanding, per S&P Global Market Intelligence data. The hotel sector followed with a 60-basis point drop, while the office sector remained the most-shorted at 5.3% of shares outstanding. Wheeler Real Estate Investment Trust logged the largest increase in short interest, up 16 percentage points to 32.4% of shares outstanding.

U.S. REITs Log Dip In Short Interest In September

Arbor Realty Trust

AvalonBay Communities

First Industrial Realty Trust

Iron Mountain

Kite Realty Group

National Health Investors

Prologis

Plymouth Industrial REIT

U.S. equity markets extended gains to a fifth-straight week despite a continued upswell in benchmark interest rates, as investors weighed a solid start to earnings season against lukewarm inflation data. All eyes were on the Consumer Price Index report, which posted a fractional upside surprise in September for a second-straight month, which followed four straight months of cooler-than-expected reports. Bond markets remained under pressure as buoyant labor market data last week and lukewarm inflation data this week has prompted investors to re-think the prospects of aggressive Fed rate cuts.

Rate Cut Rethink

Schwab U.S. REIT ETF

Seven Hills Realty Trust

Pacer Funds Trust-Pacer Benchmark Data & Infrastructure Real Estate Sector ETF

ProShares Ultra Real Estate

iShares Core U.S. REIT ETF

Vanguard Real Estate ETF

Public REITs have benefited from a great rotation within equity markets since the end of June, with U.S. REITs returning 13.2% vs. S&P 500 3.7%. Clear evidence of a growth slowdown and moderating inflation has increased the market's conviction Fed rate cuts are imminent. REITs in sectors such as senior housing, single-family rental, cold warehouse storage, and wireless towers are a compelling opportunity with visible, defensive cash flows that offer attractive growth under a variety of economic outcomes.

Perspectives: Listed REITs - Fall Edition

Over 200 U.S. REITs and homebuilders have reported second-quarter earnings results over the past six weeks, providing critical information on the state of the commercial and residential real estate industry. In this report, we highlight some quick incremental positives and negatives we've observed across each of the major property sectors. Next week, we'll publish our detailed "Winners & Losers" Report. Of the 96 equity REITs that provide full-year FFO guidance, 57 (59%) raised their outlook, while 13 (14%) lowered - well above the historical second-quarter average "raise rate" of 40-45%.

The REIT Comeback: Earnings Recap

We're at the halfway point of another consequential real estate earnings season, with 75 of the roughly 150 equity REITs and 19 of 38 mortgage REITs now having reported results. Amid an otherwise underwhelming earnings season across the broader equity market, REIT earnings results thus far have been materially better than anticipated, providing an added tailwind to rate-related optimism. Of the 65 equity REITs that have provided full-year guidance for Funds from Operations ("FFO"), 44 (68%) have raised their full-year outlook, while just 6 (8%) have lowered their outlook.

REIT Earnings Halftime Report

Industrial Logistics Properties

Realty Income Corp

iStar Inc

REITs are surging in value right now. Some REITs have a lot more upside potential than others. Here are three types of REITs that will soar.

3 REIT Types Poised To Soar

Virtus Real Asset Income ETF

Rate cuts have finally arrived, but why hasn't it benefitted REITs? What's needed to lift the REITs market. Why REITs are still struggling.

Why More Rate Cuts May Be Needed To Help Lift REITs

Fidelity Low Duration Bond Factor ETF

Simplify Interest Rate Hedge ETF

FolioBeyond Rising Rates ETF

Virtus Seix Senior Loan ETF

The Fed's Neel Kashkari believes that it's likely that the Fed will cut interest rates once in 2024, possibly in December.

Rates to Stay Higher for Longer? ETF Strategies to Play

U.S. equity markets posted mixed performance as investors parsed a perplexing slate of employment data, showing clear signs of cooling across essentially all metrics except for the "headline" payrolls print. The BLS reported that the U.S. economy added a robust 272k jobs in May, but prior months were revised substantially lower while the twin Household Survey showed a half-million job losses. The conflicting - and perhaps erroneous - employment data delayed the expected timeline for the Federal Reserve's rate-cutting cycle, while also raising the prospects of a data-driven policy error.

Jobs Data Dilemma

ARMOUR Residential REIT

Blackstone Group

Chatham Lodging Trust

iShares CMBS ETF

Camden Property

CTO Realty Growth

Easterly Government Properties

Douglas Emmett

Diversified Healthcare Trust

Ellington Financial

Equity Residential

Franklin Street Properties Corp.

Host Hotels & Resorts

InvenTrust Properties Corp

iShares MBS ETF

AG Mortgage Investment Trust

VanEck Mortgage REIT Income ETF

Alpine Income Property Trust

Strawberry Fields REIT Ltd

Real Estate Select Sector SPDR Fund

U.S. equity and bond markets staged a late-week rebound, erasing early-week declines prompted by disappointing Eurozone inflation data, after the crucial PCE inflation gauge posted its smallest increase of 2024. Posting a second week of modest declines following four-straight weekly gains, the S&P 500 finished lower by 0.4% on the week, but still notched its best month since February. Real estate equities also rebounded following steep declines in the prior week as a handful of REITs provided positive business updates ahead of the annual REITweek industry conference.

Eyes On The ECB

SBA Communications

REITs are historically cheap right now. They also offer significant tax benefits. Here are 8 REIT tax advantages that are underappreciated.

8 Surprising Reasons REITs Will Save You Big On Taxes

Brixmor Property Group

Equinix

Macerich

National Retail Properties

Pebblebrook Hotel Trust

PennyMac Mortgage Investment

U.S. equity markets snapped a four-week winning streak while benchmark interest rates rebounded as hopes for imminent major central bank monetary easing were curtailed by stubbornly hot U.K. inflation data. Still hovering around all-time highs, the S&P 500 finished fractionally lower, but tech stocks were led higher by chip giant Nvidia on the heels of an impressive "AI-enhanced" earnings report. Halting a four-week rebound and continuing to be swung around by rate movements, real estate equities fell sharply this week as benchmark rates rebounded from one-month lows.

Rally Gets Reality Check

REIT FFO/share growth in 2023 was stalled due to increased insurance premiums and property taxes. Property taxes jumped from $170B to almost $200B in 2023, while insurance costs doubled as a percentage of revenue. Higher insurance premiums reduced FFO margins by nearly 100 basis points, impacting FFO/share growth.

Why REIT's Didn't Grow In 2023

Chimera Investment

Digital Realty Trust

Gaming and Leisure Properties

Phillips Edison & Co Inc

U.S. equity markets climbed to fresh record highs, while benchmark interest rates dipped to one-month lows after a critical slate of inflation and retail sales data showed an unexpected cooldown. Reflecting the mounting quantity of downside economic surprises, the Citi Economic Surprise Index dipped to the lowest level since early 2023, indicating a rather abrupt reversal in economic momentum. Mildly encouraging inflation news and sluggish retail sales data lifted bets that the Fed can cut rates multiple times this year. Climbing to fresh record highs, the S&P 500 gained 1.6%.

Surprise Spring Slowdown

Active managers typically underperform their passive benchmarks. REITs are an exception in which stock-picking can be lucrative. I explain why this is.

Why I'm Steering Clear Of REIT ETFs

REITs experienced a 26% drop in prices due to rising interest rates, creating opportunities for investors. Despite the overall decline, many REIT sectors, such as industrial, multifamily, and manufactured housing, showed strong FFO/share growth. The market pricing of REITs did not align with their fundamental performance, creating mispricing in sectors like retail, towers, and self-storage.

2 Years Of Gloom Have Done Interesting Things To REIT Valuation

Essex Property Trust

H&R Block

Real estate investment through REITs is popular because REITs distribute generous dividends and also they're easy to understand.

Investing In Real Estate Through REITs

Healthpeak Properties Inc

Extra Space Storage

Kimco Realty

Gladstone Land

Ready Capital Corp

Regency Centers

Two years of persistent rate-driven pressure on commercial and residential real estate markets appeared to be easing in early 2024, but firming inflation has again muddied the outlook. Expectations of "Higher for Longer" have merely shifted to "High for Long." Many private equity funds and some highly-levered REITs were ill-prepared for a period of sustained 4-5%+ benchmark rates. Private markets are finally feeling the pain that beset public REIT investors since 2021. Commercial property values have now declined over 20% nationally, and nearly 40% in some troubled segments.

State Of REIT Nation: Not Out Of The Woods, Yet

How REITs have fared through high interest rate environment. Takeaways from REITs earnings season so far. When rate cuts do come, some REIT sectors may stand to benefit.

Why Lower Rates Could Lead To Opportunities In REITs This Year

The yield on 10-year Treasury Inflation-Protected Securities TIPS fell significantly from ~2.5% to ~1.7% in the last two months of 2023. How does this affect real estate? As long-lived, fixed assets with inflation-protective characteristics, quality real estate can be viewed as an equivalent to TIPS plus a risk premium.

An Opportunity For REITs To Shine In 2024

AGNC Investment

Boston Properties

Crown Castle International

Dynex Capital

Equity LifeStyle Properties

Empire State Realty Trust

Jones Lang LaSalle

Orchid Island Capital

U.S. equity markets notched another week of gains after a busy slate of economic data and corporate earnings results were broadly consistent with a "soft landing" trend for the domestic economy. Ahead of the Federal Reserve's first policy meeting of 2024, the FOMC's favored inflation gauge - Core PCE - showed a "2-handle" for the first time in nearly two years. Notching a series of record highs through the week, the S&P 500 advanced 1.2%, extending its impressive rally since late October to 12 of the past 13 weeks.

Fed Looms As Earnings Begin

After lagging equities for the past two years, REITs offer an attractive investment opportunity in 2024. Peaking or falling yields have historically been a catalyst for strong REIT market outperformance.

2024 Listed REITs Outlook

News for ProShares Short Real Estate ETF (REK)